TaxTMI 
TaxTMI 
2026 (7) TMI 802
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....ssed by the ITO, Ward - 17(1), Delhi under Section 143(3) r.w.s 147 of the Income Tax Act, 1961 ('the Act') concerning Assessment Year (A.Y.) 2012-13. 2. The grounds raised by the assessee are as under : 1. "That the order dated 23.09.2025 passed u/s 250 of the Income Tax Act, 1961 by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Ld. Income Tax Officer, Ward - 17(1), Delhi in computing the total income of the Appellant Company at Rs. 75,00,00,000/- as against returned income of Rs. Nil. 2. That the order dated 23.09.2025 passed u/s 250 of the Income Tax Act, 1961 by the Commission....
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....Brief facts of the case are that the assessee is a company and filed its return of income on 26.09.2012 declaring Nil income. Subsequently, on the basis of information from the Investigation Wing that the assessee during the year, had received a sum of Rs. 75,00,00,000/- from M/s Concise Exim Pvt. Ltd as share capital of Rs 10/- at a premium of Rs 190/-, the case was re-opened u/s 148 r.w.s 147. Accordingly, a notice u/s 148 was issued to the assessee company on 18.03.2019. In response to the said notice u/s 148 of the Act, the assessee company filed its return of income on 15.04.2019 declaring nil income. In the course of the assessment proceedings, after considering the response of the assessee, the Ld. Assessing Officer framed the assess....
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....t order and relied on following cases: i) GKN Driveshafts (India) Ltd v. ITO [(2003) 259 ITR 19(SC)] ii) Mphasis Ltd v ACIT, [(2019) 104 taxman.com 62 (Karnataka)]; iii) Deepak Extensions (P) Ltd v DCIT [(2017) 80 taxmann.com 77 (Karnataka) 7. The ld counsel stated that this issue was raised before the CIT(A) as ground no 3 who called for a remand report where the AO, on the issue of non-disposal of objection, commented that the objections were met in the assessment order dated 30.12.2019. It is further submitted that the CIT(A), dismissed this ground on the pretext that the assessee failed to furnish a copy of "objection" dated 01.07.2019. 8. Per contra, the ld DR relied on the orders of the AO and the CIT(....
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....ections raised by the assessee. In fact, the ld AO accepts this position in his remand report filed with the CIT(A), wherein, on the issue of non-disposal of objections, he comments as follows: In the present case, the assessee filed its reply to the show cause notice on 27.12.2019. The assessment order, dated 30.12.2019, explicitly and extensively addresses the assessee's explanation regarding the investment from Mis Concise Exim Pvt. Ltd. It provides detailed reasons for rejecting the assessee's submissions, specifically citing the critical lack of creditworthiness of Mis Concise Exim Pvt. Ltd. due to its meagre income. This detailed discussion, analysis, and reasoned rejection within the body of the assessment order itse....
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....re reassessment process invalid. The Hon'ble Delhi High Court in Pr. CIT v. Tupperware India (P) Ltd had held as follows: "The CIT (A) accordingly held that by stating that no objections had been filed, the AO had "very conveniently disregarded the guidelines" laid down by the Supreme Court in GKN Driveshafts (India) Ltd. v. ITO [2003] 259 ITR 19/[2002] 125 Taxman 963. The CIT (A), therefore, agreed with the Assessee that since the procedure laid down by the SC in the aforementioned decision was mandatory, the AO had in fact not disposed of the objections by a speaking order. Nevertheless, the CIT (A) held that the said defect "does not make the assessment order illegal and hence it cannot be quashed. It is a technical mistake whic....